Terreno Realty (TRNO) Q4 2025 earnings summary

Executive summary

• Focused exclusively on acquiring, owning, and operating industrial real estate in six major coastal U.S. markets, emphasizing infill locations with high population density and strong logistics infrastructure.

• Portfolio strategy targets a mix of core and value-add investments, with no greenfield development or joint ventures, and a focus on assets at a discount to replacement cost.

• Management and board are highly aligned with shareholders, with long-term compensation tied to performance and significant insider ownership.

Financial highlights

• Net income for 2025 was $402.99 million, up from $184.50 million in 2024; Q4 2025 net income was $158.22 million, up from $76.10 million in Q4 2024.

• FFO per share (diluted) for 2025 was $2.77, up from $2.42 in 2024; Q4 2025 FFO per share was $0.83, up from $0.62 in Q4 2024.

• Net income per share (diluted) for 2025 was $3.91, up from $1.92 in 2024.

• Cash same store NOI growth for 2025 was 7.8%; excluding termination fees, growth was 6.4%.

• Lease termination income in Q4 2025 was $13.8 million, with a net impact of $18.4 million from lease terminations.

Outlook and guidance

• Six properties under development or redevelopment totaling 1.2 million square feet, with expected stabilization between 2026 and 2028.

• Countyline Corporate Park Phase IV in Miami is a major project, expected to deliver 2.2 million square feet of LEED-certified space by 2027.

• Targeting continued superior same store NOI and per share NAV growth through infill market focus and value-add strategies.